Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (1579)	5/22/1998 2:13:00 PM
From: Zirdu	Read Replies (1) of 18998

Mr. Pink, if you have time, please advise as to whether you believe CFIM is a good short. This is I am sure this is too small for you, but this is a high risk mortgage company, with negative net worth, no earnings, having just gone public last year. What piqued my interest was announcement by company that they would be earning at least .45 per share in Mar 31 Q, followed up a few weeks later (in April, no less) with press release implying that the .45 was understated and that they would significantly beat that number. Then the 10Q was filed late one Friday, with a report of a loss of .07. The only reason given was that expenses and commissions were more than anticipated!! What is intriguing about the story, is the subsequent price action. After dropping at the open, the stock has traded UP after the earning release! It whole deal smells very bad to me, but I am afraid to short it since I don't know what is really going on. I just don't understand who would buy the stock now, but it trades big volume every day (volume of 175,000 on a float of 1 million shares)

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